Title to Timber. Title to timber cut under this Contract shall remain in the Seller until the timber or forest products have been removed from the Seller’s property in full accordance with all terms, conditions, and stipulations in this contract. The Seller shall not compensate the purchaser in any manner for the damage or loss to standing or decked timber. In the event of catastrophic damage occurring on a sale and less than 2/3 of the sale area has been harvested, the purchaser may exercise the option of withdrawing from the contract without penalty within 60 days of being notified of the event. Catastrophic damage will be determined by a systematic random survey of yet to be harvested areas within the contract. Catastrophic damage shall be defined as: 1/3 of the plots having greater than 50% of the merchantable trees damaged. The termination option for the purchaser shall not be applicable during contract extensions.
Appears in 2 contracts
Sources: Timber Sale Contract, Timber Sale Contract